While these startups may have the lion's share of the headlines, the true engines that drive the American economy are small businesses.
In the last four decades, the United States has lost its manufacturing base due to millions of jobs being shipped to China and other developing countries with less wages, according to a 2019 SBA report.
It is for this reason that UnityLab, the company behind Hoffman-NewYorker and Unity Laundry Systems, is on a mission to bring manufacturing and enable innovation in small towns across the United States. UnityLab is behind some of the most respected and innovative brands that serve a diverse community of businesses and nonprofits.
Today, UnityLab raised $4.5 million in Series A funding to grow, scale operations, and create new jobs at its headquarters and manufacturing facility in Dushore, Pennsylvania, and other US cities. The round, which is a result of incentives from the Pennsylvania Rural Jobs and Investment Tax Credit Program, includes $2 million from Advantage Capital, $2 million from the Bernstein Pennsylvania Fund and $500,000 from the Ben Franklin Fund.
This latest funding follows an investment by Pennsylvania s Governor's Action Team GAT and other investment partners in April 2022 that generated more than 2.3 million for UnityLab's initial acquisition of the Dushore facility from Hoffman-NewYorker. The company plans to add up to 150 jobs over the next several years while making a significant investment in hiring.
Jonathan Benjamin, CEO of UnityLab, said the financing and close of our Series A round is a great thing. The Series A round will promote the next phase of growth for UnityLab and its brands, and create greater opportunities for our workers and their families, and the deserving citizens of Sullivan County. Sam Schlichting, Associate and Pennsylvania Deal Lead at Advantage Capital said that this latest investment secured through the Pennsylvania Rural Jobs and Investment Tax Credit Program is a testament to how public-private partnerships can drive economic growth in rural Pennsylvania.